Sale of VAT Registered Business
T.C.
Registered, Tutor Posts: 1,448 Beyond epic contributor 🧙♂️
My client is selling his business. He is VAT registered, but so is the buyer. There is no VAT to charge the buyer and no VAT for the buyer to reclaim, but what forms, if any should I be filling out. I just can't get my head around this today. Thanks.
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Comments
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If the buyer is taking over the sellers VAT number, the TOGC form needs completing. If not, then the seller needs to deregister (unless he is carrying on another business).
I think that's it.0 -
Thanks for that. So it is as simple as I thought then really. Sell the business, de-register and emigrate! Thanks for the reassurance.0
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Or, if you want to avoid CGT.. emigrate, sell the business, deregister!0
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Good point. However, this is a small business and should escape CGT, especially as some of the proceeds has to be income taxable. One to remember for the future though!0
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